Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and Woodforest National Bank, a traditional bank.
Traditional banks, like Woodforest National Bank, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. Let's delve deeper into what each institution brings to the table.
Table of Contents
What is Relay?
Relay is a digital business banking and finance management tool, crafted to assist small enterprises in efficiently navigating their cash flow without extra costs. With Relay, users can:
Set up as many as 20 distinct accounts to categorize revenue, outlays, and reserves, inclusive of two savings accounts with an enticing 1-3% APY.
Distribute up to 50 virtual or tangible Visa® debit cards.
Facilitate ACH transactions and wire transfers with ease.
Engage in cash deposits and withdrawals through widespread Allpoint ATMs nationwide.
Seamlessly gather payments via platforms such as Stripe, Square, Shopify, among others.
Streamline fund movements across accounts using automatic transfer protocols.
Grant role-specific banking privileges to financial consultants and team players for enhanced safety measures.
Every Relay account comes with robust FDIC insurance, courtesy of Thread Bank and Evolve Bank & Trust, and is fortified with the Visa® Zero Liability Protection Policy.
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
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What is Woodforest National Bank?
Woodforest National Bank is a privately owned community bank headquartered in The Woodlands, Texas, near Houston. Established in 1980, the bank has since expanded its presence to over 700 branch locations in 17 states across the United States including Alabama, Louisiana, New York, North Carolina, Florida, Georgia, Illinois, Kentucky, and Ohio.
It is Walmart’s largest retail partner and also provides financial services for Sam’s Club. Woodforest National Bank has shown a commitment to community development through its investments in various community programs and by establishing the Woodforest Charitable Foundation in 2005 to support local charitable organizations.
Relay vs. Woodforest National Bank comparison chart
Features/Services | Woodforest National Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0-$20 | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | $0-$10,000 | None |
Overdraft Fees | $32 | $0 |
Money Movement | Insert fees here Wire Transfer: $20-$85 ACH Payments: $0.25 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | Hundreds | 55,000+ |
Branch Locations | 770 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Cash management
Relay
Relay offers a digital-first approach to cash management, with a focus on efficiency for modern businesses. They've harnessed the power of technology to simplify and automate vital financial tasks, such as bill payments. By enabling businesses to align payments with their cash flow, Relay mitigates potential late fee risks and promotes fluid financial operations. Given its entirely digital framework, Relay is especially suitable for businesses that value instant online access and streamlined processes.
Woodforest National Bank
Woodforest National Bank, sometimes called Woodforest Bank, offers cash management services rooted in its traditional banking background. Its solutions span from liquidity management to electronic transactions, catering to a broad spectrum of business needs. Its checking solutions include a variety of types of accounts, including one called Second Chance Checking for business that might have previously had banking challenges.
Woodforest has tailored its services to accommodate both small enterprises and larger corporations. It's an institution that integrates classic banking principles with contemporary demands, aiming to deliver a comprehensive cash management experience.
Profit First banking
Relay
Relay embraces the Profit First methodology, a transformative approach to financial management that prioritizes profitability over mere revenue generation. At Relay, we recognize the significance of this approach and have integrated its principles directly into our banking services.
Our platform allows businesses to seamlessly create multiple accounts tailored to different financial purposes, be it operating expenses, owner's pay, or profit accounts. This clear segmentation ensures that funds are allocated appropriately, fostering disciplined financial management and ensuring businesses prioritize their bottom line.
Woodforest National Bank
Woodforest National Bank operates with a more conventional banking approach. While they offer a range of services, setting up multiple accounts tailored to different financial aspects can come at an additional cost for each account.
Its framework isn't specifically designed to accommodate the profit-first model, which means businesses looking to adopt this approach might find it less intuitive and potentially more costly to implement using Woodforest's traditional banking services.
Online banking
Relay
Relay, as a digital-first banking platform, is inherently built around the principles of online convenience and accessibility. We prioritize giving businesses the tools to manage their finances without the constraints of traditional banking hours or locations.
Everything, from setting up an account to day-to-day transactions, is designed to be accomplished seamlessly online. The integration with various accounting and financial tools further streamlines the online banking experience, ensuring businesses have a comprehensive view of their financial health at any given moment.
Woodforest National Bank
Woodforest National Bank, though rooted in traditional in-person banking, has made strides to offer online services. Their online banking feature provides customers with the ability to check balances, pay bills, and transfer funds.
However, as with many traditional banks, some of their processes might still require a physical branch visit or interaction. For example, you can’t open a new account online. While they do offer online services that cater to the needs of many, they may not provide the same level of digital integration and comprehensiveness as a platform like Relay, which was built with the modern, digital-savvy business in mind.
Verdict: Which banking partner is right for your business?
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Woodforest National Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Woodforest National Bank blends together in-person offerings with digital ones.
To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. And if you're ready to sign up for Relay, you can !
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
